Investment activity revived in 2019, following last year’s slowdown. Furthermore, external demand continued growing at a higher pace than expected. Household consumption, backed by a considerable rise in employment and real wages, continues to be a strong driver of economic activity. We project GDP to grow at a rate of 3.4% in 2019, followed by a slowdown to 2.7% in 2020 and further to 2.4% in 2021.

map Estonia
Main Economic Indicators201720182019202020212022
Population, 1000 persons131713221325...
GDP, real change in %
GDP per capita (EUR at PPP)2360025300....
Gross industrial production, real change in %4.14.0-2.0...
Unemployment rate - LFS, in %, average5.
Average gross monthly wages, EUR122113101390...
Consumer prices, % p.a.
Fiscal balance in % of GDP-0.8-0.6-0.3...
Public debt in % of GDP9.38.48.3...
Current account in % of GDP2.
FDI inflow, EUR mn15329962500...
Gross external debt in % of GDP83.176.479.0...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


ESTONIA: Revival of investment keeps growth buoyant

Sebastian Leitner
in: Braced for Fallout from Global Slowdown
wiiw Forecast Report No. Autumn 2019, November 2019 , pp. 64-67
Details and Buy


Monthly Report No. 6/2019

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Hermine Vidovic and Goran Vuksic
wiiw Monthly Report No. 6, June 2019
27 pages including 24 Tables and 1 Figure